2.10% Two Year Discount Further Advance
Representing a 2.10% discount off our Residential Standard Variable Rate for the first two years, chancing to our Residential Standard Variable Rate which is currently 4.99%
(The overall cost for comparison)
Available for: Further Advances
Min/Max Adv: £5,000/£1,000,000
Max Loan To Value: 80%
Arrangement Fee: N/A
Valuation Fee: A revaluation fee of £150 may be applicable
Application Fee: £80
Early Repayment Charge (ERC): 1% in the first two years
Overpayments: 10% of the advance amount can be repaid per annum for two years without incurring a charge. A 1% charge is due on any amount repaid that exceeds 10% per annum
Restrictions: This mortgage must be repaid on a capital & interest basis.
Other Features: N/A
A mortgage of £20,000 payable over 17 years initially on our discounted rate at 2.89% below the Society's Residential Standard Variable Rate of 4.99% for 2 years and then reverting to our current Residential Standard Variable Rate of 4.99% (variable) for the remaining 15 years, would require 24 monthly payments of £124.20 and 180 monthly payments of £143.23 plus one initial interest payment of £49.09.
The total amount payable would be £29,066.29 made up of the loan amount plus interest (£8,811.29) and Revaluation Fee (£150), CHAPS fee (£25) and Application Fee (£80).
The overall cost for comparison is 4.8% APRC representative.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
We have enhanced our Right to Buy offering by reducing rates and increasing the loan-to value, making the opportunity for your clients to purchase their currently council owned homes a reality.
Our Discount for Term Right-to-Buy and Right-to-Buy Further Advance products now have a reduced rate of 3.79% over the mortgage term. The LTV has also been increased to 85% (100% of the discounted purchase price) from 80%.
Furthermore, our Discount for Term Interest Only and Discount for Term Part & Part products also see a reduced rate to 3.64%. Our Discount for Term Interest Only product is now available for both purchase and remortgage.
Find out more here.